By Shaji Mathew www.businessweek.com
July 13 (Bloomberg) — Emaar Properties PJSC’s second- quarter earnings are likely to “surprise on the upside” because of income from the handover of apartments at Burj Khalifa, the world’s tallest tower in Dubai, Deutsche Bank AG said.
“Emaar remains our top pick, offering undervalued recurring income-generating assets and reduced exposure to the Dubai market,” analysts Nabil Ahmed and Athmane Benzerroug wrote in a report dated July 12. Property companies in Abu Dhabi should post weak numbers in the second quarter because of the lack of land sales and unit deliveries, according to the report.
Deutsche Bank said Dubai property prices continued to decline moderately in June. “Even if the worse of the downward trend is behind us, we believe it is still too early to call it as through, given the massive oversupply and lack of buyers appetite,” it said.
To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net
To contact the editor responsible for this story: Shanthy Nambiar at snambiar1@bloomberg.net
